{"id":13120,"date":"2018-07-06T10:53:07","date_gmt":"2018-07-06T02:53:07","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=13120"},"modified":"2022-07-01T04:44:40","modified_gmt":"2022-06-30T20:44:40","slug":"9-milestones-buy-first-condominium","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/9-milestones-buy-first-condominium\/","title":{"rendered":"9 milestones to hit before you buy your first condo [July 2018 update]"},"content":{"rendered":"
<\/div>

Buying your first condominium is a big step, and you shouldn\u2019t be worried about the cost when the time comes. Well we say you <\/span>shouldn\u2019t<\/span><\/i>, but believe us, you will \u2014 the size of the bank loan is heart-stopping. If you\u2019ve hit these milestones though, you can feel a lot more secure. (Yes, even with the recent tightening of the loan-to-value limits<\/a>.)<\/span><\/p>\n

<\/div>\n
    \n
  1. \n

    Save up six months\u2019 worth of your salary, before you even think about buying<\/b><\/h3>\n<\/li>\n<\/ol>\n

    In the worst-case scenario, such as getting retrenched, six months of your salary can buy you time. It prevents situations such as being forced to sell your condominium fast (which forces you to incur the Seller’s Stamp Duty and often means a financial loss), or being forced to extend your loan tenure to afford repayments.<\/span><\/p>\n

    Even if you can\u2019t get back on your feet in six months, it at least means you have time to sell your condominium at a better price. <\/span><\/p>\n

      \n
    1. \n

      You\u2019ve paid down your debts to almost zero<\/b><\/h3>\n<\/li>\n<\/ol>\n

      When you apply for a home loan for your condo, you\u2019ll face a restriction called the Total Debt Servicing Ratio (TDSR). This restricts your total monthly loan repayments \u2013 inclusive of your home loan \u2013 to 60 per cent of your monthly income.<\/span><\/p>\n

      So if you earn $5,000 a month, your maximum loan repayment is $3,000. If you already pay $2,000 a month for your car loan, personal loans, education loan, etc., then your home loan is capped at a repayment of $1,000 per month.<\/span><\/p>\n

      That means having to make a bigger down payment, take a longer loan tenure, or both.<\/span><\/p>\n

      Aggressively pay down your debts, in the year preceding your home loan application.<\/span><\/p>\n

        \n
      1. \n

        You\u2019ve saved up 20% of the property’s value in your CPF or bank account<\/b><\/h3>\n<\/li>\n<\/ol>\n

        With the tightening of loan-to-value (LTV) ratio in July 2018, buyers taking their first home loan now have to fork out 25% upfront \u2014 20% from CPF and minimum 5% cash \u2014 as downpayment, instead of the previous 20% (15% CPF and minimum 5% cash). <\/span><\/p>\n

        Now we understand that many first-time buyers were aiming to have just enough CPF and cash funds to meet the old limit. Now that the goalposts have shifted, you’ll need more CPF funds (or cash) to afford the downpayment.\u00a0<\/span>For a $1 million property, this means an additional $50,000 from your CPF Ordinary Account or bank account, which could delay your purchase or force you to choose a cheaper property\/unit.<\/span><\/p>\n

        \"managing-agent-enhance-property-value\"
        Always enquire about maintenance fees for the condo you’re interested in.<\/figcaption><\/figure>\n
          \n
        1. \n

          You\u2019ve budgeted for the hefty maintenance fees<\/b><\/h3>\n<\/li>\n<\/ol>\n

          Condo maintenance fees are far more expensive HDB conservancy fees (around $70\/month for a four-room flat). Most condo maintenance fees range from $250 to $350 per month, with some high-end condos even reaching four-digit monthly fees. The amount you’ll pay is based on your share value, which you can <\/span>check here<\/span><\/a>.<\/span><\/p>\n

          In any case, note that many condominiums collect conservancy fees on a quarterly basis \u2013 so don\u2019t be shocked if you need to fork out over $1,000 each time the bill arrives. So, factor in maintenance fees when buying a condo and adjust your overall budget accordingly. <\/span><\/p>\n

            \n
          1. \n

            You\u2019ve set aside a sufficient sum for the ABSD (i<\/b>f you\u2019re buying the condo before selling your HDB flat)<\/b><\/h3>\n<\/li>\n<\/ol>\n

            HDB to condo upgraders now have to pay an Additional Buyers Stamp Duty (ABSD) of 12% on the price of your condo unit \u2014 if they buy the unit before selling their HDB flat. This is because the purchase counts as a second property.<\/span><\/p>\n

            If you fall under this category and your condo purchase is a joint purchase as a married couple (and at least one of you is a Singapore Citizen), you’re entitled to a ABSD refund on one condition: you sell your flat within six months of the date of purchase (for a completed condo) or Temporary Occupation Permit, or TOP, date (for an uncompleted condo). <\/span><\/p>\n

            So, one thing is to m<\/span>ake sure you\u2019ve got the cash ready, the second thing is to make sure you initiate the sale of your HDB flat well in advance \u2014 given the lukewarm HDB resale market \u2014 to make sure you don’t miss the deadline for your ABSD refund. Our recommendation is to seek the advice of a property agent.<\/span><\/p>\n

              \n
            1. \n

              Your credit score is in the \u201cAA\u201d range<\/b><\/h3>\n<\/li>\n<\/ol>\n

              According to the LTV limit, a bank can lend you up to 75% of the condo\u2019s purchase price or valuation, whichever is lower. However, this percentage is subject to your credit rating.<\/span><\/p>\n

              If your credit is anything below AA, there\u2019s a chance you won\u2019t get the full 75%. You might be offered 70% financing instead, for example, which means you\u2019ll need a much bigger downpayment.<\/span><\/p>\n

              If you want to mend your credit score, the simplest way is to take a small loan, and then pay it back reliably. Over time, your score will increase. Oh, and of course, stop paying any loans or credit cards late.<\/span><\/p>\n

              Do this about a year before your loan application.<\/span><\/p>\n

              Your credit report can be purchased from the Credit Bureau of Singapore (CBS), for around $6.<\/span><\/p>\n

                \n
              1. \n

                You’re properly insured<\/b><\/h3>\n<\/li>\n<\/ol>\n

                Sometimes, all it takes is one medical emergency to derail your condo-ownership plans. This is especially true if an accident or illness occurs close to the time at which you buy, saddling you with debt and probably pushing the limits of your (remaining) financial ability, after the hefty downpayment and renovation costs.<\/span><\/p>\n

                So, before you commit to buying a condo, make sure you\u2019re properly covered by insurance to prevent any last-minute disasters. Further down the road, be wary about accidents and illnesses rendering you unable to pay off the home loan (purchase a Mortgage Reducing Term Assurance as soon as you buy the condo, for example).<\/span><\/p>\n

                  \n
                1. \n

                  You\u2019re ready to cope if the interest rate rises<\/b><\/h3>\n<\/li>\n<\/ol>\n

                  There’s no perpetually fixed interest rates for Singapore home loans. At most, rates are fixed for a short time (often three to five years), before reverting to a floating rate. Your home loan rate, five to 10 years from now, will probably be much higher. <\/span><\/p>\n

                  This means two things:<\/span><\/p>\n

                  First, you must be prepared to cope if the interest rate rises. This means you need to save diligently (see point 1).<\/span><\/p>\n

                  Second, you must do your homework on how and when to refinance a home loan. It\u2019s up to you to keep monthly repayments low, as the bank won\u2019t help you by telling you someone else is cheaper. Speak to an independent mortgage broker for help.<\/span><\/p>\n

                    \n
                  1. \n

                    You have retirement plans that accommodate the new cost<\/b><\/h3>\n<\/li>\n<\/ol>\n

                    Don\u2019t mindlessly empty your CPF savings on the house, with no thought for the future. Too many Singaporeans assume that, at retirement age, they can sell the condo and downsize, and live off the proceeds.<\/span><\/p>\n

                    Never make this assumption; you don\u2019t know what the property market will be like when you retire, or what your specific property value will be when it\u2019s that old, or what new taxes the Singapore government might have implemented by then. Your retirement plan should account for the condo, it shouldn\u2019t <\/span>be <\/span><\/i>the condo.<\/span><\/p>\n

                    Voice your thoughts in the comments section or on\u00a0our Facebook community page<\/a><\/em>.<\/p>\n

                     <\/p>\n

                    If you found this article helpful, 99.co recommends\u00a09 tips for picking a great resale unit<\/a> and 4 reasons a private property may be more affordable than most Singaporeans think<\/a>.<\/p>\n

                    Find the home of your dreams today at Singapore\u2019s largest\u00a0property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

                    Buying your first condominium is a big step, and you shouldn\u2019t be worried about the cost when the time comes. Well we say you shouldn\u2019t, but believe us, you will \u2014 the size of the bank loan is heart-stopping. If you\u2019ve hit these milestones though, you can feel a lot more secure. (Yes, even with…<\/p>\n","protected":false},"author":21,"featured_media":54988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53593,53589,57131],"tags":[53604,53661,53634,54586,54581,54587],"persona":[],"class_list":{"2":"type-post","17":"entry","18":"has-post-thumbnail"},"acf":[],"yoast_head":"\n9 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